Energy Recovery reports record FY 2023 revenue $128.3M, Q4 revenue up 35% YoY

Energy Recovery, Inc.

2023-FY EPS reported $0.37 revenue$128,349,000

Record annual revenue $128.3M, up 2% YoY; record Q4 revenue $57.2M, up 35% YoY.
Wastewater revenue grew 79% YoY; PX Q400 expected to reach 50% of megaproject sales.
FY 2023 GAAP net income $21.5M ($0.37/share), down 11% from $24.0M; Q4 net income $19.8M up 44%.
Adjusted EBITDA for FY 2023 $31.2M, down from $36.8M; operating cash flow doubled to $26.1M.
Water revenue missed guidance due to single project delayed into 2024; FY gross margin 67.8% within expectations.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Energy Recovery, Inc. reported the fourth quarter and year ended December 31, 2023 results: revenue $128.3 million, net income $21.5 million, EPS $0.37.

Period: the fourth quarter and year ended December 31, 2023
Revenue: $128.3 million
Net income: $21.5 million
EPS: $0.37
Result: reported results

Exact text from the filing

Energy Recovery Reports Record Full Year and Fourth Quarter Revenue for 2023 SAN LEANDRO, Calif. - February 21, 2024 – Energy Recovery, Inc. (Nasdaq:ERII) (“Energy Recovery” or the “Company”) today announced its financial results for the fourth quarter and year ended December 31, 2023. Fiscal Year 2023 Highlights • Record annual revenue of $128.3 million, which includes a 79% growth in wastewater and represents nine consecutive years of revenue growth. • Record quarterly revenue of $57.2 million, representing a 35% year-on-year growth with strong performance in Energy Recovery’s primary desalination business and the continued rapid expansion of the company’s wastewater sector. Water revenue was below guidance due to the delayed shipment of a single project to be shipped in 2024. This project was highlighted as a potential risk in the Q3 earnings call. • Gross margin of 67.8%, within Energy Recovery’s expectations and above guidance. • Operating expenses of $68.0 million, in line with E

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Source: SEC EDGAR

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